Recognising the need for, and developing a health and wellbeing strategy, can create a happier, healthier and more secure workforce. And while many employers understand the importance of mental, physical and financial wellbeing, these elements are often looked at individually, at different times throughout the year. So, how do you draw these elements together to create a single, holistic wellbeing experience? How do you communicate your strategy to employees? And what difference could this make to your bottom line?
According to the government’s Health and Safety Executive, 26.8 million days were lost to work-related ill-health in the 2017/18 financial year.
57% of this absence was caused by stress, depression or anxiety. Employers will recognise that helping to improve this situation is a part of their duty of care towards their employees... and also makes sound business sense.
There is a large annual cost to employers of between £33 billion and £42 billion (with over half of the cost coming from presenteeism – when individuals are less productive due to poor mental health in work) with additional costs from sickness absence and staff turnover.
The effects of absenteeism and presenteeism tend to be felt more keenly by SMEs, who are less able to absorb their impact. 10 people off sick in a company of 100 employees is 10% of the workforce!
Not everyone has a clear idea of what the term ‘wellbeing’ actually means. Some people confuse it with physical health – which is certainly a contributing factor – or even dismiss it as a passing fad.
Our experience at Aviva has taught us that the term is more meaningful if you split it into four distinct ‘dimensions’:
The chances are, you already have some important elements of a wellbeing strategy in place. An employee rewards scheme… workplace benefits such as discounts on financial products or with retailers… maybe links with the local community. Even making improvements to the working environment – removing clutter, improving décor – is contributing to wellbeing in the workplace.
If you’re doing things like these, you’re already practising a wellbeing strategy. But your business and your employees could benefit from co-ordinating, enhancing and communicating these positive factors. Make your employees aware that what you’re offering is part of a wellbeing programme, and you’ll all be better off…
Rigorous interpretation of data underpins every successful wellbeing strategy. Although it could take at least two years before wellbeing can have a direct impact on key metrics, it’s crucial to gather accurate data from the start.
The more detailed the data, the more value it has in preventing future problems. For instance, a peak in absence within a certain department or building might corollate with a shortage of space – too many people sitting close together may spread colds and other infectious illnesses. Interpretation is crucial. You need to look beyond obvious conclusions – such as loss of morale in a certain area of the business – to uncover underlying reasons for statistical stand-outs.
You should look to accumulate evidence on:
